As Black Friday approaches (November 26), FNB stressed the importance of consumers exercising caution and self-discipline when managing their money during this time.
Lack of financial discipline around Black Friday can easily lead to financial problems, especially in these uncertain times.
Dhashni Naidoo, program manager at FNB Consumer Education, said you can avoid getting into financial trouble during Black Friday by considering the tips below:
1. Plan your budget and be honest with yourself about what you can afford. Avoid spending funds that you have not budgeted for.
2. Do your research ahead of time – you need to know exactly what you want to buy and determine the price of those products ahead of time. Use this time to compare and understand the current price of the item you need so you can determine if the discounted price you see on Black Friday is favorable. Buy only what you need and not because something is on sale.
3. Don’t use debt to buy nonessential or luxury goods. Consumers should also remember that credit bears interest.
4. If you are dipping into your long-term savings or emergency savings funds, that also suggests that you can’t afford to spend on Black Friday.
âSometimes we’re drawn to the excitement as well as attractive marketing and therefore tempted to buy products just because we’re told the prices have been cut.
âHowever, it is important to understand if there has been a substantial reduction in the price of the item you wish to purchase.
âThe easiest way to tell if there has been a drop is to follow the price over a period of time. Don’t be tempted to overspend, and if you have a list of what you want to buy and a budget, stick to it. Just because something is labeled cheaper on Black Friday doesn’t always mean it’s worth buying, âNaidoo concluded.
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